Real Gross Domestic Product: Private Industries in Maryland
MDPIRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
344,468.00
Year-over-Year Change
21.16%
Date Range
1/1/1997 - 1/1/2024
Summary
Real Gross Domestic Product: Private Industries in Maryland measures the inflation-adjusted economic output of private industries in the state of Maryland. This metric is crucial for understanding regional economic performance and trends.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data series provides a comprehensive measure of the value-added output of all private industries in Maryland, adjusted for inflation. It is used by economists, policymakers, and businesses to analyze the state's economic health and growth patterns over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level production and price data.
Historical Context
The Real Gross Domestic Product: Private Industries in Maryland series is a key indicator for assessing the state's economic competitiveness and business climate.
Key Facts
- Maryland's private industries account for over 80% of the state's total economic output.
- The real GDP of Maryland's private sector grew by 2.5% in 2021.
- Professional and business services are the largest private industry contributors to Maryland's economy.
FAQs
Q: What does this economic trend measure?
A: This series measures the inflation-adjusted gross domestic product (GDP) of all private industries within the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: The Real Gross Domestic Product: Private Industries in Maryland provides crucial insights into the state's economic performance and competitiveness, which is valuable for policymakers, businesses, and economic researchers.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level production and price information.
Q: How is this trend used in economic policy?
A: This metric is used by state and local governments, as well as businesses, to evaluate Maryland's economic climate and inform policy decisions related to taxation, regulation, and economic development.
Q: Are there update delays or limitations?
A: The Real Gross Domestic Product: Private Industries in Maryland data is published quarterly with a lag of approximately two months, which may limit its timeliness for some applications.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in Maryland (MDPIRGSP), retrieved from FRED.